Financial reform divide extends to Senate candidates

Wednesday

Apr 28, 2010 at 12:01 AMApr 28, 2010 at 9:56 AM

Democratic Senate candidate Lee Fisher says he would be pushing for the current financial regulation overhaul bill in the Senate, as are all but one of the 59 current Democrats in the Senate. GOP Senate candidate Rob Portman apparently would vote against the current bill, as are all 41 current Republican senators thus far in blocking it from reaching the floor for a final debate.

Democratic Senate candidate Lee Fisher says he would be pushing for the current financial regulation overhaul bill in the Senate, as are all but one of the 59 current Democrats in the Senate. GOP Senate candidate Rob Portman apparently would vote against the current bill, as are all 41 current Republican senators thus far in blocking it from reaching the floor for a final debate.

Fisher's campaign charges that Portman is out of touch with Ohioans on Main Street and supports big banks on Wall Street. Portman's campaign says the current bill is "headed in the right direction" in imposing stricter regulations on the financial system, but echoes the GOP line of attack in charging that it allows for more government bailouts of big banks. Democrats dismiss that charge, saying their bill simply charges banks fees to put together a $50 billion fund that would be used to wind down a failing institution without costing taxpayers money.

The fact that the two campaigns are focusing on each other is an indication that Portman believes it is Fisher who will be his opponent in November, not Secretary of State Jennifer Brunner. Brunner trails far behind Fisher in a new Quinnipiac University poll out this morning.

"For years, Wall Street has operated with reckless abandon, causing families across Ohio to lose their jobs, their homes and their retirement savings," Fisher said. "Despite the urgent and obvious need for common sense reforms, Senate Republicans continue to stall progress, doing the bidding of Wall Street lobbyists and holding up a bipartisan package that would hold Wall Street accountable and protect Ohio consumers."

Asked this week whether he would vote to block the current bill, Portman's campaign referred to an April 21 statement.

“While I’m hopeful we’re headed in the right direction, I’m concerned that the current proposal does not do enough to protect taxpayers from another bailout," Portman said. "I am also concerned that some of the regulations do not target the actual problems and will result in less – not more – credit available to small businesses in Ohio, and cause additional job losses and a less competitive financial services sector. I hope Washington is able to come together to put forward a bipartisan bill instead of heading down the same partisan road it took for the healthcare debate."